Tax Deduction Consulting: Business Deductions Woonsocket RI

Whether you are an established company with multiple offices or working out of your home, significant business deductions exist for your business. Following is a listing of deductions that are common to most businesses regardless of the specific service or products being supplied.

Tax Deduction Consulting: Business Deductions

Common Business Deductions

Whether you are an established company with multiple offices or working out of your home, significant business deductions exist for your business. Following is a listing of deductions that are common to most businesses regardless of the specific service or products being supplied.

Commong Business Deductions

Office expenses

Rent or lease payments

Advertising

Costs of goods sold

Depreciation

Insurance costs

Utilities

Wages of employees

Employee benefits

Retirement plans

Payments to independent contractors [file form 1099]

Accounting and professional services

Communication expenses

Commissions

Travel expenses

Vehicle expenses

Business-related Meals and Entertainment

Uncollected receivables

Bank fees on bank accounts

Interest payments

While the above list should provide you with a solid means for lowering your taxable revenues, certain expenses cannot be deducted. Following is a list of common expenses that do not help you bottom line from a tax perspective.

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